Yes, 2:37 is in some ways a rip off from Gus van Sants Elephant. It's about some students who are dealing with their problems leading to the suicide of one of them. Yes, it's full of clichés, but that's life. You just can't deny that creepy nerds, disabled persons or popular students who, despite their popularity, do have problems are existing in the real world.
But that's not, what this film is all about. It's not about life in Highschool. It's not about the misery of life itself.
If you look beneath the surface, beneath the soap-like social relationships that are shown, you will find some gripping, thought-provoking criticism of our society.
Why are people committing suicide? Do we really understand their motives? Or are we just trying to understand, after its already too late? And why is it always someone, you would never have expected it to be?
This movie doesn't answer this question, but it raises it. And it does so in a very intense way. All the way it keeps you guessing, whose blood it might be, that you see at the very beginning. You are following the paths of some students, all of them having a more or less good reason to end their lives, just to be forced to watch the gruesome act in the finale.
Did you know who it would be? Or were you caught by surprise, like in real life?
The message is verbalized by one of the surviving kids in the end. We are always so fixed on our own problems, we forget to see those of others. There might be someone, a colleague, a friend, who does not want to live anymore. But, if you don't open your eyes, you'll never know until its too late.
This movie delivers well. It might have some flaws, but they don't matter anymore, when its over. Either you see a reflection of society, or you are blind for reality.